a)    To approve the expenditure of up to £1.4 million of retained business rates from the Hereford Enterprise Zone (held in the Enterprise Zone Business Rates Growth Reserve) to implement a county wide economic development programme to enable growth.

b)    To delegate to the Director for Growth all operational decisions related to the implementation of the programme, including the commitment of expenditure from the approved funds.

1.     To not approve the expenditure of the retained business rates – the funds would remain in a council reserve and not benefit the growth of the local economy. This option is not recommended.

2.       To focus the funding on further investment on the Hereford Enterprise Zone only – the Enterprise Zone has benefitted from significant council and public investment, successfully supporting the growth of Hereford.  If only targeted at the Enterprise Zone the retained funds cannot be utilised to support the economic development of all of the county, as per the government intention and original council decision to form the Enterprise Zone.  This option is not recommended.